Friday, 20 May, 2022
HomeEconomyMinisterial panels set up to review tax slabs, GST exempt list, identify...

Ministerial panels set up to review tax slabs, GST exempt list, identify evasion sources

The 7-member panel set up by finance ministry would be headed by Karnataka CM Basavaraj Bommai, & include Bengal FM Amit Mitra, Kerala FM Balagopal, Bihar Deputy CM Tarkishore Prasad.

Text Size:

New Delhi: The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems.

The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs.

The 7-member panel, which would submit a report in two months, would be headed by Karnataka Chief Minister Basavaraj Bommai and include West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, Bihar Deputy Chief Minister Tarkishore Prasad.

It would also review the supply of goods and services exempt under Goods and Services Tax with an objective to expand the tax base and eliminate breaking of ITC chain.

The GoM on GST system reforms would identify potential sources of evasion and suggest changes in business processes and IT systems to plug revenue leakage.

The eight-member panel, headed by Maharashtra Chief Minister Deputy Chief Minister Ajit Pawar, would include Delhi Deputy Chief Minister Manish Sisodia, Tamil Nadu Finance Minister Palanivel Thiaga Rajan and Chhattisgarh Finance Minister T S Singh Deo.

The panel would review IT tools and interface available with taxmen and suggest ways to make them more effective, identify possible use of data analysis towards better tax compliance and suggest ways of better coordination between central and state tax officers.

The decision to set up these two GoMs was taken by the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, on September 17.

Also read: 77% Indians want petrol & diesel to come under GST, survey finds


Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Most Popular